An engineer in a non-startup also builds the project and does the actual work. It's not special. Trading money and opportunity cost for sweat is what makes it equity.
Also, engineers are not the reason VCs have a job.
> Also, engineers are not the reason VCs have a job.
How are they not? VCs don't actually do any productive work - they don't make anything.
In order to invest in something, anything, you need the something. That's a pre-requisite for investing. Engineers build the product. Doesn't even just apply to software, this applies to everything.
Also, engineers are not the reason VCs have a job.